the dollar coin is coming back

[hfojvt]

http://news.yahoo.com/s/ap/20070212/ap_on_bi_ge/money_ap_poll

I support the coin because it saves us money on bills. Plus I am a long time nusmismatist. However I think one of two things are essential to make it more useful. A $5 coin and a $20 coin. Right now people do not use coins for under $20 purchases. You are not going to pay $7.32 with coins, you get out a $20 (which the accursed banks push) or a $10 or a $5 and three ones. If, however, there was a $5 coin, then people could more readily pay for things with coins. To pay a bill of $7.32 or $12.29 people could reach for their coins if there was a $5 coin.

I think this new $1 coin will die like the other two unless we come out with a $5 coin.

[blueinindiana]

1. get the dollar bill out of circulation and it will work.

[Quakerfriend]

2. Very interesting. And, I like your idea. This would be beneficial

to those who are legally blind, as well. I know they have trouble with bills and are reliant on total honesty from the other party, unless they have an assistant with them.

[Warpy]

5. The problem with the dollar coin

is that they put a woman on it and made it the same size as the quarter! It does NOTHING for the sight handicapped.

Of course, they couldn't have a female's coin be the same size as the male's,could they? How very unseemly.

They'll have to change the till, though. Plus, there will be an overlapping period where both bills and coins will be taken in with places for one or the other, but not both. That means a capital investment in new registers.

Hey, what kind of stocks do the guys proposing this hold? IBM? Casio?

[Captain Hilts]

42. If they had just smoothed the edges of the Tony dollar, it would have been fine. nt

[H2O Man]

3. I like the coins.

I still have a supply of the last three $1 coins. I think one problem with the last two was the size. Making a coin a little larger than the Kennedy half might help.

I can remember college students in Herkimer, NY using the $2 bills for payment of almost everything in the late 1970s/early 1980s, as the SASU was looking to create awareness of student investment in the community. It is worth considering the use of the $1 coin as a similar way to raise awareness.

[Drifter]

9. And that is why ...

THIS dollar coin is going to fail, just like the others. In fact, this one will die a much quicker death. The Post Office (by law) had to stock their vending machines with dollar coins (SBA & Saqs). This law is gone (or soon to be). Therefore the largest consumer of dollar coins (Post Office), will no longer have to use them.

They can not change the size of the Dollar coin (Think machines that accept coins, and the mayhem that a "new" dollar coin would cause).

You can forget about getting rid of the Dollar bill. Public opinion is against getting rid of the Dollar bill (by a wide margin).

Dollar coins appear to get the same usage as $2 bills. Old people giving them to Young people for birthdays, etc.

BTW - I am a Numismatist, and I am very excited to see one in person. I have heard that they are beautiful.

Cheers
Drifter

[DemReadingDU]

44. $2 bills

When my kids were younger, my mom (kids grandma) would send birthday cards, Valentine cards, Halloween cards, etc., enclosed with a $2 bill. The $2 bills were more readily available in the 70's & 80's than they are now. It is difficult to find the $2 bills to send to my young grandchildren nowadays.

I'm going to like the new dollar coins, not so much to spend, but to collect. I have been collecting the state quarters, and looking forard to collecting the presidential dollars.

[Dyedinthewoolliberal]

4. I'd like it

if the one dollar coin looked like a damn one dollar coin and not almost the same size as a quarter. Dammit, it's gotta look the part! :)

[hfojvt]

8. well an Eisenhower dollar uses too much metal

I think the $5 coin could be half dollar size but brass color like the Sacajawea dollar. I thought the different color was a good idea, making it look much different than a quarter.

[Captain Hilts]

6. Paper bills are easier. Go to Canada and see how you like all those heavy coins.

I'm willing to give up the onesie, but not the other paper bills.

[hfojvt]

18. Canada is too cold now.

I remember using paper money there anyway. I have been to Europe and noticed that the Netherlands and Switzerland had $5 coins. It was not a big deal.

[donheld]

7. nusmismatist????

Is there a vaccine for that? :evilgrin:

[hfojvt]

10. tanjed, did I spell it wrong too?

Numismatist. Not like a new mismatist.

Almost anything, though, can be 'cured' by a visit to room 101.

[Drifter]

12. Hey dude ...

the hardest part about being a Numismatist, is just being able to spell (and say) Numismatist.

Cheers
Drifter

[meldroc]

11. These coins will have all the presidents on them.

The first batch will have George Washington, followed by the next president, one every three months.

That means that we'll have coins with Nixon and Bush on them...:puke:

[Drifter]

13. Only Dead Presidents ...

will make it on the coin. Good chance Bush I will make it, but I doubt Bush II will be dead by then.

Cheers
Drifter

[hfojvt]

15. Is that the plan?

The article I read said 4 Presidents. Did not say which 4. Like the state quarters, eh? I propose that the Nixon quarter have a tape player on the other side of it. On the plus side we get Carter and Clinton coins.

This is kind of a clever idea, as billions of dollars get saved by collectors they increase the money supply without increasing the amount of money in circulation.

[Captain Hilts]

19. I want FLloydWright, Martha Graham, TR/FDR/ER, Duke Ellington on money!

I saw some mock-ups of new currency. The Wright Bill had an engraving of the Robie House on the back, the Martha Graham bill had the famous photograph of her in the pleated dress on the back.

Duke Ellington or Louis Armstrong. I'd like to squeeze Mary McLeod Bethune in there too somewhere.

I made up the TR/FDR/ER bill myself. I'd like all three in profile on one side, and, perhaps, the UN on the other.

Jonas Salk and Walter Reed should be on a bill also.

[hfojvt]

26. Frank Wright still owes my great-grandfather $20

I used to live just down the road from Taliesen in his hometown. The old locals pretty much remembered him as an arrogant a$$hole and had no interest in honoring him. I heard he did not pay his debts and slept with other people's wives. I cannot say that I am a fan either, although I sold some books about him.

What about JP Souza? Or the guy who designed Central Park. He's a relative of mine. I hate to see it opened up though because the first people honored would probably be people like Andrew Carnegie, John Rockefeller, Cyrus McCormick, Lewis Cass, etc., etc. Who would decide?

[Captain Hilts]

37. I can believe that about FLW. He was insane. I think of $s as global currency, hence...

the cultural and more international references.

Walter Reed and Jonas Salk saved bazillions of lives around the world.

I'd HATE to see Carnegie, Rocky, etc. on money.

Who decides is a good question. Choosing who gets on stamps is pretty crazy at times.

But, enough dead presidents.

[catmandu57]

14. I use my check card for everything

I had to use cash a couple of weeks ago, but it's been a long time since I've carried money paper or metal.

[hfojvt]

17. me too, mostly credit card

where I get cash back. But I like to use cash locally to keep local businesses from paying the credit card fees. I know there are no fees for check cards, but that would also require me to keep more money in my non-interest paying checking account.

[Captain Hilts]

39. Wow. ALL your purcahses can be traced! Not me. Cash has no footprint. nt

[ronnykmarshall]

16. Again?

If they are serious about this ... then they need to actually take the $1 bill OUT of circulation.

[roamer65]

20. Get the rag they call a $1 bill out of circulation and these coins will circulate.

People don't realize how much bacteria are in the cotton fibers of those bills. I would like to see us go to $1 and $2 coins and polymer notes of differing sizes for the higher denominations like Australia. Differing sized notes helps sight challenged folks to discern notes much better.

[donco6]

21. In Germany I got used to the DM coins.

I actually grew to prefer them.

[hfojvt]

29. did they have a 5 DM coin? I cannot remember.

Even though it sure shocked me when a 5 K bus ride was 5 DM. I could not believe it.

[donco6]

31. Yes.

I think they even had 10 M coins. But it's been so long ago . . .

[roamer65]

38. I have a 2001 DM mint set.

The last year of DM coins before the Euro. The highest was a 5 DM coin. 10 DM was a small purple'ish note saying "Zehn Deutsche Mark".

[Poiuyt]

22. I hate the idea of dollar coins

Coins always fall out of my pockets when I sit down. Losing a penny or dime isn't a big deal, but I can't afford to lose $5 whenever I sit down.

Plus they wear holes in my pockets.

[hfojvt]

28. get a coin purse for $1 at your local Dollar General store

heck the Army used to give them away at the State Fair. Ask not what your country can ... :hide:

Once when I was late to physics class I pulled a pen out of my pocket and a handful of change came with it. The whole class stopped to turn and look at me. It was a thermodynamics class. I shoulda claimed I was doing a study on random motion or something. Otherwise I do not drop alot of money, but love it when I find a dime on the floor :woohoo: But I have also found a few fives, a couple tens, and even a hundred once.

[Captain Hilts]

40. Canadians didn't mind the Looney, but the Twooney they don't like. Too many coins. nt

[roamer65]

43. Canada made it too big.

Australia's 2 dollar is smaller than the $1. That makes it much easier to handle.

[donco6]

33. You do have to change your habits a bit.

In Europe, they have wallets with coin purses in them. You can keep a few coins in there, but too many and it's annoying to sit on. Or you carry a coin purse somewhere with you. It is different, that's for sure.

[sutz12]

23. This is a stealth tactic to get money out of circulation....

It worked for the quarters. How many of those went straight to collectors? How many state quarters do you actually see in circulation?

This is another series of 'collector coins' that will count against the M3 (which they no longer publish BTW) but will not be in circulation, because like the quarters, they will go right into collectors hands and be stashed away.

This is stealth inflation to devalue the money.

[onenote]

24. in answer to your question

At least 50 percent of the quarters I get in change are "state quarters".

[roamer65]

25. Ditto.

The reason you don't see as many of the later states in the series in circulation is because they have scaled back mintages since 1999. You will see a lot of 2000's because they minted 2 billion plus that year.

Here's a real challenge for anyone, find a 1968-D (Denver mint) quarter out of your pocket change. It may take quite a while, the cupro-nickel coins are beginning to wear out after 40+ years in circualtion. Even more challenging is a 1969 Philadelphia dime. I've been looking for one for 2 years in pocket change. I eventually had to buy one at a coin show.

[hfojvt]

27. I said that above in post #15

but I would think it is M1 more than M3 since it is cash money. It exists, but it does not circulate. So much of the circulation is happening electronically I am not sure how big an impact a few million dollars even has in a $12,000 trillion economy.

[roamer65]

30. The Mint does it to make money, literally.

Its called seigniorage. The Mint costs on the $1 coins are probably 8 or 9 cents a piece, but the Federal Reserve buys them at $1 a piece. Not a bad little scheme...er...racket they have going, eh?

http://en.wikipedia.org/wiki/Seigniorage

[roamer65]

34. Delete.

[walldude]

32. Third time's a charm?

I could care less either way but it didn't work twice already, what was the definition of insanity again?

[roamer65]

35. Problem here lies between the US Mint and the BEP.

Bureau of Engraving and Printing. Coins are more cost efficient for lower denoms, but the BEP folks are scared of losing their $1 bill printing jobs. I have advocated that the Treasury dept needs to merge the Mint and BEP to streamline and cut costs.

[eppur_se_muova]

36. I have gotten in the habit of carrying $1 bills loose in my pocket, like coins.

They are basically "small change" nowadays and I don't want to get my wallet out all the time for small change. I like the idea of a dollar coin (have for a long time) as long as I can tell it from other coins by feel.

Old $10 and $20 gold pieces could be identified by heft alone. I'm not sure what a coin would have to be worth nowadays to be made of gold.

[GOPisEvil]

41. Unless vending machines take them, they'll not be widely used.

[Deja Q]

45. Good. I have a few and don't want to use them - as with the $2 paper bill,

some dipshit would believe they are counterfeit... :eyes: